The Hindu Business Line : Canara Bank signs pact with Ministry for rural schemes

CANARA Bank has signed a Memorandum of Understanding (MoU) with the Development Commissioner (Small Scale Industries), Union Ministry of Small Scale Industries (SSI) for mutual cooperation in promotion of employment through micro and macro enterprise among rural and semi-urban women.

Under the Trade Related Entrepreneurship Assistance and Development scheme (TREAD), the bank will extend loan facility to NGOs for on-lending to women, either through self help groups (SHG) or individually. The Department of SSI would give a grant up to 30 per cent of the project cost. The grant could be utilised by NGOs for training, counselling, tie-up for marketing to on behalf of the beneficiaries.

The MoU was signed by Mr Pradeep Kumar Goyal, Industrial Advisor, Development Commissioner (SSI) and Mr R. Prabha, General Manager, Canara Bank, here on Thursday.

About 6.34 per cent of the total advances of Rs 2,914 crore made by the bank has been deployed for developing small ventures and enterprises promoted by women.

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